Qorvo Still Appears Well Positioned in the Early Stages of 5G; Maintain $90 FVE, Shares Undervalued
Qorvo reported fiscal first-quarter results that exceeded our expectations and the company's previous guidance. The company's forecast for the December quarter was squarely in line with our expectations, as strength at Apple will appear to be partially offset by soft demand for smartphones built by Chinese manufacturers. Longer term, we're encouraged by the firm's disclosed 5G radio frequency (RF) chip design wins with Samsung and a leading Chinese-based smartphone vendor and continue to believe...Qorvo is a holding company. Through its subsidiaries, the company designs, develops, manufactures and markets its products to U.S. and international original equipment manufacturers and original design manufacturers in two operating segments: Mobile Products, which is a supplier of cellular radio frequency (RF) and Wi-Fi solutions for mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the Internet of Things (IoT); and Infrastructure and Defense Products, which is a supplier of RF and system-on-a-chip solutions for cellular base stations and other wireless communications infrastructure, defense, smart home, automotive and other IoT applications.
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